Accenture’s data would only be edited under exceptional situation, in order to resolve fat-finger-type human errors as well as to meet legal and regulatory requirements and address violation.Blockchain users were fast to excoriate Accenture’s move, which is the latest investment by the financial services industry in the nascent technology, which promises to cut costs, reduce settlement times and increase transparency. The original blockchain underpinning virtual currency bitcoin is kept secure by data being shared across a global network of computers, which are incentivized by competing to win new bitcoins in a system know as “mining”.
While there have been worries about its irreversibly, some technologists argue that it is a feature that makes blockchain exclusive and that without it, the term becomes worthless. An editable blockchain is just a database. The whole thing about blockchain is that it’s immutable, so this just defeats the object.”” Gary Nuttall, founder of blockchain consultancy Dislytics, told Reuters at a blockchain conference.
Accenture’s prototype would be for the private permission blockchains favored by banks, which would have designated administrators who manage the network under agreed governance rules. For financial services institutions faced with a countless risk and regulatory requirements, absolute immutability is a potential roadblock, said Richard Lumb, Accenture’s group chief executive for financial services. Under the new system, data would not be editable by all users of the system, just by designated administrators. Giuseppe Ateniese, a leading cryptographer and professor of computer science at The Stevens Institute of Technology, who filed for the new patents with Accenture said “We can preserve the strength of the original blockchain while making it even more useful”. Unlike a traditional database, our solution is compatible with current blockchain frameworks and works in a decentralized and accountable environment, he added.